Ethereum Price Analysis: ETH/USD goes down by 10%

ETH/USD went down from $264.75 to $239.40 this Friday.
ETH/USD reached a low of $224.

Rajarshi Mitra Independent Analyst

Ethereum had a roller coaster of a Friday as it went down from $264.75 to $237.85, charting a 10% decrease in price. ETH/USD went down from $264.60 to $229.75 within the first 11 hours of the day. Following that, the bulls took the price up to $240 in the next two hours, before the bears re-entered the market and took the price back down to $229.75. The Bulls closed out the day and took ETH/USD up to $239.40.

ETH/USD Daily Chart

The nearest support level on the downside lies at $232.35.
The latest session took the price back inside the 20-day Bollinger band.
The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
The MACD (moving average convergence divergence) indicator shows decreasing bullish momentum.
The Elliot Oscillator has had 12 consecutive bullish sessions despite the latest bearish price movement.
The relative strength index (RSI) has taken a turn from 88.89 to 71.40.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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